Transamerica Long-Term Care Insurance Review

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Transamerica Long-Term Care Insurance Review

Company Details

Founded: 1928
Headquarters: Cedar Rapids, Iowa

Claim Information

Phone Number: 800-621-3724

Products Offered

  • Long-Term Care Insurance
  • Life Insurance
  • Annuities
  • Retirement/401k Services

Insurer Highlights

Transamerica is no longer offering Long-Term Care Insurance products. 

Announcement of Discontinuance of New Sales

Transamerica discontinued the sale of new Long-Term Care Insurance policies starting in the first quarter of 2021. The last day they accepted an application was March 31, 2021. 

In addition, the enrollment of new employer-based Long-Term Care Insurance ended on June 30, 2021. 

This decision does not impact any existing Long-Term Care Insurance policy. LTC Insurance is guaranteed renewable, so once issued, it can not be canceled by the insurance company as long as the premium continues to be paid.

The action was probably made, in part, by the extremely low-interest-rate environment.

Review of Transamerica Long-Term Care Insurance

If you own a Transamerica policy, it will remain in force and features many benefits.

Transamerica offered several features and benefits consumers and Long-Term Care specialists alike look for in a long-term care insurance policy. These benefits include:

  • Partnership
  • Daily Benefits from $50 to $500 a day
  • Five Inflation Options Available
  • Elimination Periods from 0 to 365 days
  • Monthly Home Care Benefit
  • Zero-Day Elimination Period for Homecare
  • Spouse/Partner Shared Care Benefit
  • Cash Alternative
  • Restoration of Benefits
  • Return of Premium with Death Before Age 67
  • Return of Premium at Death - Minus Claims Available
  • Joint Waiver of Premium
  • Three Year Rate Guarantee

Transamerica did offer Partnership Long-Term Care Insurance plans in most states. Partnership policies provide additional dollar-for-dollar asset protection. 

Find State-Specific Information

You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information -  Cost of Care Calculator - Choose Your State | LTC News.

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Claims

If you own a Transamerica Long-Term Care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find  

a trusted and qualified specialist that represents the major insurance companies that offer these products - Work With a Specialist | LTC News.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

  • Safeguard income and savings
  • Protect the lifestyle of your spouse/partner
  • Provide options for quality care
  • Reduce the stress and burdens otherwise placed on family members
  • Give your adult children time to be family
  • Provide a legacy for loved ones

State variations may apply.

 

Need to file a claim?
View Insurance Claim Contact Information

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
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